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Gold Is Going Up: BlackRock's Hambro

Gold is going up, said BlackRock managing director Evy Hambro.

The portfolio manager at BlackRock's Natural Resources Equity Team told CNBC that the fundamentals are "all very supportive" of upside for the precious metal.

"The main thing that's been [traditionally] holding the gold prices back is the strength of the U.S. dollar," Hambro said.

So seeing the dollar value strengthen at the same time that gold rose was "remarkable" — and was an omen of sorts pointing to further gains.

First, prices aren't encouraging new supply.

"Central banks are selling less gold than they used to," the portfolio manager explained. "You can't get hold of Russian gold bars right now." All the processed metal (bullion, coins, etc.) is being bought by the Kremlin's central bank.

Will gold lose safe-haven investors to U.S. Treasurys? Not if they're sharp-eyed, believes Hambro.

"T-bills are really deferred dollars," he said, and it's impossible to know what those dollars will be worth in "20 years."

Plus, there's the uncertainty of Beijing's intentions for U.S. government debt. But "you know what commodities are worth now, and you'll know what they're worth then."

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